The ABC's of Fine Art

1. Decide What You Like. Begin with what you don't like and go from there. Decide what kind of fine art gives you the most enjoyment, or brings out a the most positive emotional responses. Decide what kind of art you enjoy living with the most.

2. Specialize. Establish a focus for your collection. Concentrate on collecting the works of a specific artist, art from a certain period, or what can be really fun---art with a specific subject matter or theme. Confine yourself to a definable category of art and you will quickly gain sufficient knowledge to make informed decisions.

3. Lust For Stuff. But set flexible budget parameters. The cost of anything you buy should fit comfortably within your budget. However, after much hunting, if you find an absolutely incredible work of art-----but it costs twice as much as you've allotted-----buy it! It is worth it to wait a little longer for the next piece. And most importantly, if a deal sounds too good to be true, it probably is.

4. Collect, Don't Hoard. Quality, quality, quality! A few masterworks in your home or office will do more for your emotional well-being and productivity than a hundred average works of art. And if you find more fine art than you can display attractively, rotate it-----you will find it does great things to revitalize your home. Or it might be time for a change in direction.

5. Know The Artist. The artist should have high class references or be in source books. Listings are based on published reviews, education, awards, honorary memberships and museum collections. References are the cornerstones that appreciation is built upon.

6. Resale. Think about each piece in terms of resale. Fine art is an illiquid investment. It takes a relatively long time to dispose of art to get your cash out compared to T-Bills, etc. If you eventually decide to sell all or a part of your collection, the ease of disposition and the value you will receive will depend primarily upon five criteria:

(a) Rarity. Is the artwork unique or greatly limited?
(b) What is the reputation of the artist?
(c) Is the aesthetic value high? Is the image pleasing to look at?
(d) What is the condition of the work?
(e) What is the market environment like?

7. Don't Be Afraid To Ask Questions.

8. You Will Make Mistakes---everyone does! Consider it a part of your education.

9. Take Your Time Building A Collection. Collecting can provide hours and hours, if not a lifetime of fun, relaxation and reward for you and your family.

And as a final thought.....the cream always rises to the top. If you buy good art it will always be worth more. If you buy cautiously and smartly you can make some money. People have done so for the past 500 years and will continue to do so for the next 500 years. The smart person is the one who buys art primarily because he or she likes it, the quality is there and it is a good value. Anyone who buys for the short haul and expects to make money will be disappointed. Those people buying quality art today and who are willing to wait awhile, generally will find their art is going to be worth more tomorrow. And best of all, they get to look at it all the time!

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